Hey guys!
I'm raymondwu, and I'm offering a homerun, fair, p2p betting exchange where you can bet with an electrum wallet.
How it works:
There are 3 people, YOU, ME (AUTOMATED ESCROW), and THE OPPONENT. The gist is, 2 people have to agree to spend the deposited funds. So if your opponent is a trusted member, you don't have to worry about the escrow trying to steal your funds, because none of you want that!
First, either you or your opponent opens an offer. For this, they will have to create a new seed using electrum safely, and give it to no one else. When you create a seed for a 2of3 multisig wallet in electrum, it will give you a master public key, (Zpub) that lets other cosigners of the multisig wallet, collaborate and generate common addresses for the wallet.
Once the offer maker has a Zpub, they can create an offer. Now they have to wait for someone else to join the offer.
Same process repeats for the joiner, but when he gives his Zpub to the website, the website/escrow can generate common addresses since all the 3 Zpubs are now known. (site generates its own escrow Zpub). Now both users can generate a wallet, using the 3 Zpubs shown on the site.
The offer creator needs to approve the joiner, and now both of them can deposit coins to the wallet with common addresses. When the escrow determines the winner,
the escrow will sign a transaction, the winner can sign it too and then broadcast the transaction.
So at the end, we have a safe bet successfully completed.
Please watch the tutorial if this is confusing!
Thank you!
SITE
For advanced users:
Receipt issued through:
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FINGERPRINT: 90B43EB7E88123EF132D473D8C00797DF52C4277
I'm raymondwu, and I'm offering a homerun, fair, p2p betting exchange where you can bet with an electrum wallet.
How it works:
There are 3 people, YOU, ME (AUTOMATED ESCROW), and THE OPPONENT. The gist is, 2 people have to agree to spend the deposited funds. So if your opponent is a trusted member, you don't have to worry about the escrow trying to steal your funds, because none of you want that!
First, either you or your opponent opens an offer. For this, they will have to create a new seed using electrum safely, and give it to no one else. When you create a seed for a 2of3 multisig wallet in electrum, it will give you a master public key, (Zpub) that lets other cosigners of the multisig wallet, collaborate and generate common addresses for the wallet.
Once the offer maker has a Zpub, they can create an offer. Now they have to wait for someone else to join the offer.
Same process repeats for the joiner, but when he gives his Zpub to the website, the website/escrow can generate common addresses since all the 3 Zpubs are now known. (site generates its own escrow Zpub). Now both users can generate a wallet, using the 3 Zpubs shown on the site.
The offer creator needs to approve the joiner, and now both of them can deposit coins to the wallet with common addresses. When the escrow determines the winner,
the escrow will sign a transaction, the winner can sign it too and then broadcast the transaction.
So at the end, we have a safe bet successfully completed.
Please watch the tutorial if this is confusing!
Thank you!
SITE
For advanced users:
Receipt issued through:
-----BEGIN PGP PUBLIC KEY BLOCK-----
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FINGERPRINT: 90B43EB7E88123EF132D473D8C00797DF52C4277
